Buying/Leasing a Car
This page contains frequently asked questions related to buying or leasing a new car. Use the pulldown menus to reveal the questions, answers, and links to related websites.
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How expensive a vehicle can I afford?
Experts suggest that you should not allocate more than 20% of your take-home pay towards monthly auto payments. The down payment, interest rate, and term of your loan will also determine how much you can afford to buy. Use this calculator to help determine how much you might be able to spend on an automobile.
Should I lease or purchase a vehicle?
Leasing has become a very popular method of acquiring a new car. Although the payments may seem attractive, it may not always be the best financial decision versus purchasing the vehicle outright and financing it with a low interest loan. Use this calculator to help analyze the financial impact of lease vs. buy.
New Wheels: Is It Better to Lease or Buy?
Schwab Resource Center – 10/3/12
What would my auto payments be?
Many factors go into determining the final loan amount for the purchase of a new or used vehicle. These factors include any manufacturer’s rebate, the trade-in value of your old vehicle less any outstanding balance, your down payment, etc. Once the loan amount is determined, the interest rate and term of the loan will be used to estimate your vehicle payment.
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